Jen-Hsun Huang, CEO of Nvidia Corp., gives a keynote presentation during the GPU Technology Conference in San Jose, California. Huang later unveiled the Titan X CPU operating with a GeForce GTX Titan X graphics card during the presentation.
Kim Kulish/Corbis/Getty Images
US stocks were mixed Tuesday after a brief rally in tech-related equities.
Nvidia fell after reaching an intra-day high of $481.87. Investors await its earnings report on Wednesday.
Friday’s Jackson Hole central bank summit is further factoring into market sentiment this week.
Stocks closed mixed Tuesday as investors prepare for Nvidia’s earnings report this week and look beyond to the Federal Reserve’s Jack Hole symposium.
The trillion-dollar chipmaker is set to release its financials on Wednesday, with observers betting that its results could reignite the AI rally of prior months.
In anticipation of this, the stock hit an intraday-high of $481.87, but has since climbed down. Of the S&P’s top 10 equities, Nvidia is the only stock whose call options are eclipsing its put options, Bloomberg noted.
Outside of the tech sector, analysts seem divided on the potential for further rally, with some market bears warning of a stock slump and recession.
Adding to potential market upside this week is the coming Jackson Hole Symposium on Friday, a central bank gathering where investors are betting dovish signals from the Federal Reserve.
That’s as an earlier jump took the 10-year Treasury yield to its highest since 2007, though it has edged downward throughout the day on Tuesday. The surge brought interest rates back into the spotlight, giving central bank authorities some reason to tone down future monetary tightening, some Wall Street observers say.
But this is contrasted by pessimism around inflation, still ahead of the Fed’s 2% target.
Here’s where US indexes stood shortly after the 4:00 ap.m. closing bell on Tuesday:
S&P 500: 4,387.65, down 0.28%Dow Jones Industrial Average: 34,289.03, 0.51% (-174.66 points)Nasdaq Composite: 13,505.87, up 0.06%
Here’s what else is going on today:
The housing market has become historically unaffordable. Here are two stats to see just how tight the sector is. Legendary investor Jeremy Grantham’s GMO is launching its first ETF.A Chinese economic crisis would have a surprisingly minimal impact on the US, Paul Krugman says.Hasbro could rally 41% on recent Magic: The Gathering expansions and the success of Baldur’s Gate 3, Bank of America said.The BRICS development bank is looking to de-dollarize lending through local currency debt.
In commodities, bonds, and crypto:
West Texas Intermediate crude oil inched down 0.6% to $80.25 a barrel. Brent, the international benchmark, fell 0.45% to $84.08 a barrel. Gold climbed 0.15% to $1,925.80 an ounce. The yield on the 10-year Treasury edged lower to 4.334%.Bitcoin declined 0.67% to $26,069.